2024: The Year of Unified Interaction Management

Consumers have proven time and again that they’re not afraid to switch service providers; it only takes one bad service experience to erode trust. This is why optimizing member service and engagement is so critical – it has become the ultimate litmus test for loyalty.

While most credit unions have made significant investments in improving the member experience, far too many still rely on outdated and separate solutions to manage routine phone calls, digital messaging, chatbots, video chats and SMS. This hinders staff from effectively connecting with members and confidently resolving any issues, resulting in subpar, inefficient member experiences.

That is why this year more credit unions are looking to bring together once-siloed member interactions on a single platform, allowing them to manage service engagements with channels architected to work together. Such a strategy improves the member experience by ending dropped calls and lost context, and it enhances efficiencies by breaking down data silos and directing the flow of interactions to the right channel for the right interaction at the right time.

The Problem With Traditional Telephony Platforms (and CCaaS Providers)

Traditional telephony platforms are no longer sufficient to manage member interactions in today’s “always on” environment, and there is now something better than omnichannel that can power a new and better service strategy. Even if a credit union has the best omnichannel setup from a single vendor, that traditional Contact-Center-as-a-Service (CCaaS) vendor bolted the solutions together over time, causing intrinsic disconnect. While some CCaaS vendors have tried to incorporate digital-first and artificial intelligence-automated technologies into their platforms, interactions remain siloed due to the providers’ telephony-centric systems. Bolting on piecemeal capabilities to an already fragmented system results in something akin to Frankenstein with four arms. Service teams are divided by channel, so transferring channels for a customer often means transferring to a new person, where the customer is relegated to repeating themselves.

This digital disconnect between the call center, digital interactions and AI-powered virtual assistants has become a significant drain on productivity and a major point of friction. Such siloes create disjointed experiences for members as they reach out during their time of need (which are often timely and high anxiety), as well as member service representatives who are challenged to switch between multiple screens and applications, delaying resolution. Not only does this lead to inefficiencies and a poor experience for agents and members, but fragmented reporting and limited insight for management.

A New Way Forward – Unified Interaction Management

2024 brings good news; there is a better way. Credit unions are starting to embrace an integrated approach that can transition from phone-centric to digital-first member service and facilitate fluid movement between each interaction channel, including phone calls, digital messaging, chatbots, video chats and SMS. Bringing together all member interactions on a single platform enables credit unions to meet members at their time of need and stay with them throughout the entire journey. Collaboration is enhanced and agents are empowered to offer more meaningful, personalized service. And, members are free to engage how they prefer, delivering the flexibility and choice needed to succeed in today’s digital-first world.

Such an approach creates meaningful business efficiencies. By integrating all of the various teams that engage with members, reporting, staffing and management of previously siloed channels are centralized and streamlined. Credit unions’ ability to shift the volume of interactions between voice, digital, SMS and chatbots leads to both efficiency gains and new power for cost-effective deflection.

The strategic use of sophisticated technologies such as AI also helps save time and boost productivity. Having an automation layer that incorporates AI capabilities into the member and employee journey has been proven to improve response time and alleviate agent burden. However, credit unions should be cautious when it comes to evaluating potential providers’ approach to AI – those that understand and have taken proactive steps to mitigate risks around hallucinations and data and privacy concerns should be prioritized. Look for a purpose-built platform whose AI capabilities allow a credit union to approve every response before it’s offered, and one that is pre-programmed with answers that maintain security and compliance.

In today’s competitive landscape, where the member experience takes center stage, credit unions that fail to invest in a digital-first, unified member service strategy risk falling behind. An investment in a modern, inclusive approach to member support and engagement is an investment in the future. Financial institutions that proactively seek to integrate phone, digital and automated interaction channels will be strongly equipped to enhance member loyalty, drive efficiencies and positively contribute to their bottom lines.

Dan Michaeli is the CEO and co-founder of Glia, a New York, N.Y.-based provider of digital customer service solutions.